On the last day of the week, Nifty crossed all the hurdles and poised to move higher provided, it continues to trade above 4470-4490, the previous resistances(now a supports).
Nifty stopped @ 20DMA @ 4539. Trading above the same will propel it higher to 2 week high @ 4580 and to previous swing point @ 4615..
Reliable hour macd managed to keep above the trigger since yesterday and moved into +ve today. Other momentum indicators are reaching "OB" levels.
This rising channel formed after an elaborate correction of 4693 to 3921 has held in the last few sessions. Holding the same, nifty is poised to move higher.
2 comments:
hi ilango ji,
last week you gave two possible ew counts
http://tradeinniftyonly.blogspot.com/2009/08/nifty-does-counter-trend-rally.html
if nifty moves past 4727 (recent high)
i think second possiblity
A:- From 2539 to 4693...No dispute here.
B:- (a) 4693 - 3920; (b) 3920-4727; (c) 4727- is on now targetting 4000..
C: From wherever "B" ends, to higher levels.
gets negated
kindly put up your views
regards
rajamani
Hi..Rajamani,
Looking at the individual stocks performances and the technical set up, I feel the first view mentioned seem to be playing out.
A:- 2539 to 4693
B:- 4693 to 3921
C:- (a)3921 to 4727; (b) 4727 to 4353; (c) 4353 - is on with targets of ((c) = (a)x 0.6182)- 4851 and ((a) = (c))- 5159.
Though the Technical indicators were biased towards a move up, there was this 4250 target that played out in mind because of which "going long" in the morning was missed, though we created longs at 2.30PM.
First to move past 4580(2 week High)- at opening gap up, this might be achieved. Then for the 4614 and higher past 4727. If any contrary move takes place, the other scenario still can play out, though I doubt it.
Best regards.
ilango
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